First Bancshares Inc. in Hattiesburg, Miss., said Monday that it had agreed to buy the $51 million-asset First National Bank of Wiggins in Mississippi for $4.2 million in cash and stock.
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Buying First National would give the $311 million-asset First Bancshares its ninth branch in southern Mississippi.
The price is about 1.24 times First National's book value. First National has lost money in all but one year since 2000, including $243,000 last year.
The deal is expected to close in the third quarter.
